TSX Symbol: VGM
Shares Outstanding: 78,951,885
TORONTO, Dec. 6 /CNW Telbec/ - Virgin Metals Inc. (TSX: VGM) ("Virgin Metals" or the "Company") announces that it has received the final drill results from its 2007 diamond drill program at its 100% owned Los Verdes molybdenum - copper project in Sonora, northern Mexico. Drilling was carried out in the period March to June 2007, after which the core was subjected to intensive geologic logging, density determination and geotechnical analysis before being submitted for assay. The coarse nature of molybdenum and copper mineralization and the rubbly nature of much of the core dictated whole core sampling. The cores of seventeen holes were submitted for assay and the cores of three holes were retained for visual reference.
Virgin Metals President and CEO Chris Davie said: "All results from drilling at Los Verdes are now received and will be included, together with historic drilling data and adit sampling data, in a final resource model that will form the basis for mine planning and scheduling. Our staff and consultants are now compiling and verifying a data base of all assay, density and geologic data as part of the modeling process. The results from diamond drilling generally confirm conclusions drawn from reverse circulation drilling but have given a substantially greater insight into the geology of the deposit than was possible from reverse circulation drilling. Other aspects of the Los Verdes feasibility study are now well advanced and we hope to be in a position to announce results early in 2008."
Eight holes for which assays are returned are twins of previously drilled reverse circulation holes. The results of these reverse circulation holes were reported earlier but for ease of reference are included herewith. Holes LVDD2907, LVDD2907I and LVDDDPC53 were drilled essentially for geotechnical purposes and no significant assay results were returned. Holes LVDD7107, LVDD7207 and LVDD7307 were drilled in the tungsten zone immediately west of the molybdenum/copper mineralization. Hole LVDD0207 was terminated prematurely when it intersected the adit and the hole LVDD0307 was collared somewhat further from its twin than was ideal in order to avoid the adit.
Results of diamond drill holes returning significant assays are tabulated as follows (previously released twinned reverse circulation holes are included in light type for reference):
Hole No. Inclination Total From To Intercept
Depth (m.) (m.) (m.)
LVDD1A07 vertical 175.20 24.00 91.50 67.50
including 24.00 73.50 49.50
LVRC0106 vertical 172.21 24.38 92.96 68.58
including 24.38 74.68 50.30
Hole No. Inclination Total From To Intercept
Depth (m.) (m.) (m.)
LVDD0207 vertical 76.05 16.50 73.40 56.90
LVRC0206 vertical 160.02 16.76 73.15 56.39
LVDD0307 vertical 173.80 15.00 117.00 102.00
LVRC0306 vertical 153.92 33.53 137.16 103.63
LVDD0507 -45 172.00 25.50 127.50 102.00
LVRC0506 -45 173.74 27.43 129.54 102.11
LVDD1407 vertical 101.30 37.50 101.30 63.80
LVRC1406 vertical 182.88 38.10 102.11 64.01
LVDD14A07 -60 89.40 28.50 64.50 36.00
including 42.00 64.50 22.50
LVDD1907 vertical 95.80 28.50 69.00 40.50
including 31.50 57.00 25.50
LVRC1906 vertical 102.11 28.96 70.10 41.14
including 32.00 57.91 25.91
LVDD19A07 -50 120.90 37.50 40.50 3.00
LVDD3507 vertical 100.50 25.50 61.50 36.00
LVRC3506 vertical 91.44 25.91 60.96 35.05
LVDD3607 -50 105.60 25.50 43.50 18.00
LVRC3606 -50 91.44 25.91 42.67 16.76
LVDDC23 -45 168.90 51.00 160.50 109.50
including 51.00 72.00 21.00
LVDDDPC53 vertical 169.80 60.00 66.00 6.00
LVDD2907I -45 139.60 106.50 139.60 33.10
LVDD7107 vertical 70.10 39.00 60.00 21.00
LVRC7107 vertical 91.44 39.62 60.96 21.34
Hole No. Inclination Total From To Intercept
Depth (m.) (m.) (m.)
LVDD7207 vertical 88.20 0.00 13.50 13.50
LVRC7207 vertical 77.72 1.52 13.72 12.20
LVDD7307 vertical 70.30 0.00 57.00 57.00
LVRC7307 vertical 76.20 1.52 56.39 54.87
True Mo
Thickness Total Cu W Ag
Hole No. (m.) % % % g/t
LVDD1A07 67.50 0.21 0.88
including 49.50 0.28 1.17
LVRC0106 68.58 0.27 1.22
including 50.30 0.33 1.51
True Mo
Thickness Total Cu W Ag
Hole No. (m.) % % % g/t
LVDD0207 56.90 0.07 0.40
LVRC0206 56.39 0.07 0.46
LVDD0307 102.00 0.06 1.02
LVRC0306 103.63 0.11 1.29
LVDD0507 72.11 0.08 0.63
LVRC0506 72.19 0.18 0.85
LVDD1407 63.80 0.01 0.05
LVRC1406 64.01 0.01 0.06
LVDD14A07 31.18 0.22 0.28
including 19.48 0.29 0.28
LVDD1907 40.50 0.11 1.22 0.18 4.0
including 25.50 0.09 1.49 0.11 4.2
LVRC1906 41.14 0.07 1.43 0.35 6.5
including 25.91 0.07 2.02 0.34 7.9
LVDD19A07 2.30 0.15 2.98
LVDD3507 36.00 0.28 0.38
LVRC3506 35.05 0.22 0.37
LVDD3607 13.79 0.12 0.68 0.08 4.6
LVRC3606 14.51 0.15 0.47 0.05 1.7
LVDDC23 77.42 0.12 0.52 0.11 11.1
including 14.85 0.43 0.23 0.09 28.1
LVDDDPC53 6.00 0.19 0.05
LVDD2907I 23.40 0.05 0.05 0.06 26.6
LVDD7107 21.00 nil 0.10
LVRC7107 21.34 nil 0.08
True Mo
Thickness Total Cu W Ag
Hole No. (m.) % % % g/t
LVDD7207 13.50 nil nil 0.10
LVRC7207 12.20 nil nil 0.12
LVDD7307 57.00 nil nil 0.25
LVRC7307 54.87 nil nil 0.28
Core samples, typically representing 1.5 metres of whole core, were placed in plastic bags along with their corresponding sample tag. The bag was then securely fastened with a security tag and both numbers were recorded for reference. The samples were stored locally until transported to the ALS Chemex laboratory in Hermosillo where sample preparation was performed. All assay work was carried out at the ALS Chemex laboratory in Vancouver, B.C.
In addition to routine quality control work carried out by ALS Chemex, the Company has established a quality control protocol consisting of the routine use of blank samples and certified sample assay standards obtained from WCM Sales Ltd., Burnaby B.C.
This report has been prepared by Mr. Gary Lohman, a Registered Professional Geologist and Qualified Person (QP) as defined by NI 43-101 of the Canadian Securities Administrators. Mr. Lohman is the QP for the Los Verdes exploration program
About Virgin Metals
Virgin Metals is a junior exploration and development company; its projects include two copper/molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, is undergoing a feasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, is presently the focus of an intense exploration effort.
FORWARD-LOOKING STATEMENTS
This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Virgin Metals documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Virgin Metals. The forward-looking information contained herein is Virgin Metal's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.